Long term care facilities are an inseparable part of healthcare system in developed and developing countries. Under developed regions, those suffering from chronic illness and aging, normally demand long term care facilities. Services such as sanitation, medical care, and nutrition are on the rise in developing countries. Long term care market is driven by factors such as increase in geriatric population, prevalence of chronic diseases, and rise in importance of long term care services. In addition, extensive government support in developed countries and various programmes conducted by NGO’s are likely to stimulate the market growth in the forecast period. Change in lifestyle and increase in population are expected to stimulate the market in the forecast period. However, functional issues and service limitations are some factors that may hinder the market growth during the forecast period.
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By service type, the long term care industry segmentation includes social work services, therapeutic services, skilled nursing or nursing services, hospice services, pharmacy or pharmacist services, and mental health or counselling services. Skilled nursing or nursing services and pharmacy have gained a lot of traction due to emergence of e-commerce platforms and technology enabled product delivery.
Geographical segmentation for long term care market includes North America, South America, Europe, Asia-Pacific, Middle East, and Africa. North America is expected to dominate the long term care industry in the forecast period due to rise in government support and special attention toward medical needs of geriatric population. Subsequently, mergers and acquisitions, partnerships and collaborations are the major strategies adopted by key players in this region.
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